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The American Dream is out of reach

The American Dream is impossible to achieve in this
country.

So say nearly 6 in 10 people who responded to CNNMoney's
American Dream Poll, conducted by ORC International. They feel the dream
-- however they define it -- is out of reach.

Young adults, age 18 to 34, are most likely to feel the
dream is unattainable, with 63% saying it's impossible.
This age group has suffered in the wake of the Great
Recession, finding it hard to get good jobs.

Younger Americans are a cause of great concern. Many
respondents said they are worried about the next
generation's ability to prosper.

Some 63% of all Americans said most children in the U.S.
won't be
better off than their parents. This dour view comes
despite most respondents, 54%, feeling they are better off
than their own parents.

The downbeat mood is not surprising, say economic
mobility experts.

"The pessimism is reflective of the financial realities
a lot of families are facing," said Erin Currier, the
director of the Economic Mobility Project at Pew Charitable
Trusts. "They are treading water, but their income is not
translating into solid financial security."

The vast majority of Americans have higher incomes than
their parents, but that's in large part because most
families have two earners now, she said. Only half have
more wealth, she said. Meanwhile, the savings rate is low
and unemployment is high. College costs are rising faster
than inflation and
student loan debt is exploding.

People also tend to be more pessimistic about the next
generation's fortunes in general than their own children's
prospects, Currier said. In Pew's polls and focus groups,
parents say that it will be tougher for their children to
succeed, but they still believe it's possible.

Perceptions, however, aren't supported by the facts,
experts said.

The American Dream is not dead, said Ron Haskins,
co-director of the Brookings Center on Children and
Families.

Two landmark studies released earlier
this year concluded that
mobility is worse in the U.S. than in many other
developed countries, but has not changed significantly over
time. Researchers found significant differences in
mobility across the nation.

Those who live in areas with higher economic growth and
better schools have a greater chance to climb the economic
ladder. The studies also found that areas with large
African-American populations, such as the South, have lower
rates of mobility for all residents.

CNNMoney's American Dream Poll comes from telephone
interviews with 1,003 adult Americans, conducted by ORC
International from May 29 to June 1, 2014. Both landlines
and cell phones were included in the sample.